Can a small block timing chain jump a tooth?

furrystump said

So the only thing that could create a large timing difference from crank to rotor, assuming the timing set is NOT the issue, would be intermediate shaft worn or cam dist drive gear worn. Could it have a bronze gear on the pump drive?

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I am thinking this is what happened - somehow the distributor shaft jumped a tooth from the cam. It doesn't have a bronze gear, but it does have the brass insert for the dist./pump shaft. The gear at the end of the camshaft looks a bit worn, not broken.